Things were easier before May 1,2011 when a person could get a 100 percent loan on financing a car. But a person can still avoid the 20 percent down payment mandated by the Central Bank.
Al-Futtaim Group is one of the places that provide this service. Steve Faulkner, managing director at Al-Futtaim Finance, explained "This solution enables customers to pay off the 20 per cent down payment via instalments. This is a regulated solution and meets all elements of the Central Bank’s regulations introduced almost two years back."
Arabian Automobiles Co. is another dealership that offers a 100 percent financing plan. "This finance product delivers exactly what its name implies and incorporates benefits that make us confident it will continue to be in demand,” said a spokesperson for the Nissan dealership.
It remains to be seen whether other dealerships follow suit. The banks will be on gaurd to avoid giving back 100% financing to those who can't pay back.
As reported by Gulf News.
